OKLAHOMA CITY (AP) — Federal economists say Oklahoma nearly entered a recession last year as depressed prices in the energy sector stifled the state.
Figures released by U.S. Bureau of Economic Analysis last week show that the state managed to eke out 0.1 percent growth in its gross domestic product from July to September — ahead of only North Dakota, West Virginia and Alaska.
The state's energy sector shrank by 1.5 percent in the third quarter.
The third quarter performance came on the heels of a 2.4 percent decrease in Oklahoma's gross domestic product in the second quarter of 2015. Oklahoma had the worst performance of all states that quarter.
Recessions are typically characterized by two consecutive quarters of economic growth contraction, although there's no official definition.